Unless the articles provide otherwise, the board may issue shares, options or securities having conversion or option rights without first offering them to shareholders of any class.
Cal. Corp. Code § 406
Shares and Share Certificates
Known as the General Corporation Law
The act spans §§ 100–2319 (398 sections).
Added by Stats. 1975, Ch. 682.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.